Venezuela Records Impressive GDP Growth Amid Economic Sanctions

Venezuela's GDP grew by 8.78% year-over-year in Q2, from 3.06% the previous year. This growth marks the 13th consecutive quarter of economic expansion, despite significant losses due to sanctions since 2015. The central bank also reported a monthly inflation slowdown to 0.7% in July, with annual inflation at 43.6%.

Venezuela's GDP surged by 8.78% year-over-year in the second quarter, dramatically increasing from the 3.06% rise in the same period last year, the nation's central bank announced on Thursday.

The three-month growth, which ended on June 30, extends the country's streak to 13 consecutive quarters of economic expansion. In a statement, the central bank highlighted the substantial economic losses Venezuela has faced due to sanctions imposed since 2015. It described these measures as undeniably damaging to the nation's economy.

Earlier this month, the central bank reported a slowdown in monthly inflation to 0.7% in July. A Reuters analysis based on the data indicated that annual inflation through the end of July reached 43.6%.